AJ Bell pre-tax revenue jumps 50%

Platform and SIPP supplier AJ Bell has reported robust progress in income and income in its outcomes for the 12 months ended 30 September printed immediately.

Income rose 33% to £218.2m (FY22: £163.8m) and revenue earlier than tax was up 50% to £87.7m (FY22: £58.4m).

A closing dividend of seven.25 pence per share has been proposed, growing the full atypical dividend for the 12 months by 46% to 10.75 pence per share (FY22: 7.37 pence per share) – the nineteenth consecutive 12 months of atypical dividend progress.

The agency stated that the platform enterprise had a profitable 12 months, with buyer numbers growing by 50,880 to 476,532 and platform internet inflows of £4.2 billion (FY22: £5.8 billion)

The agency reported report property underneath administration (AUA) of £70.9 billion (FY22: £64.1 billion), up 11% and pushed by internet inflows and beneficial market actions of £2.6 billion.

AJ Bell Investments noticed report internet inflows within the 12 months of £1.65 billion, up 57% in comparison with the prior 12 months (FY22: £1.05 billion underlying internet inflows). Belongings underneath administration of £4.7 billion, had been up 68% within the 12 months (FY22: £2.8 billion).

AJ Bell CEO Michael Summersgill stated:” I’m happy to report one other 12 months of robust monetary efficiency for the enterprise which has demonstrated our skill to proceed to develop in numerous market circumstances.

“Income elevated 33% to £218.2 million, enabling us to reinvest in our buyer proposition and our folks, while delivering a report revenue earlier than tax of £87.7 million which helps an elevated dividend for shareholders.

“We added over 50,000 clients to the platform within the 12 months, reflecting the standard and worth of our propositions, in addition to elevated funding in our model. The expansion in clients enabled us to ship over £4 billion of internet inflows, a wonderful outcome which once more highlights the good thing about working our dual-channel platform.

“As we strategy half one million platform clients, we stay centered on offering a fantastic worth proposition, with a philosophy of sharing our scale advantages with clients. Having diminished a number of charges throughout the platform in 2022, this 12 months we have now elevated the rates of interest paid to clients a number of occasions and can quickly be growing them additional, with a specific deal with pension drawdown the place there’s a buyer want to carry money to fund revenue funds.”

Within the adviser market the corporate has invested in new performance to assist advisers handle shopper portfolios and subsequent 12 months will roll out a brand new shopper onboarding course of which is able to “streamline” the brand new enterprise course of for advisers. The agency has additionally lately added a cash market portfolio to its MPS vary.


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